A tariff-induced meltdown of U.S. equity and bond markets has been spooking financial circles. But stocks and Treasuries aren’t the only assets on the fritz—the U.S. dollar is also falling, with analysts warning of a global “de-dollarization” in response to the Trump administration’s frenetic foreign policy decisions.
“We are witnessing a simultaneous collapse in the price of all U.S. assets including equities, the dollar versus alternative reserve [foreign exchange], and the bond market,” writes George Saravelos, global head of FX research at Deutsche Bank, in a note this week. “We are entering unchart[ed] territory in the global financial system.”
